Foreclosure Time Approaches 1000 Days, But There are Fewer of Them

Foreclosure statistics continue tornimprove in the “first look” at January data provided Thursday by Black KnightrnFinancial Services.  While the timernneeded to complete a foreclosure increased yet again to 943 days, many of thernother measures of mortgage distress hit new post-crisis lows.</p

Black Knight says that the number ofrnloans in foreclosure is now the lowest since November 2008, only a few monthsrnafter the beginning of the crisis.  Thernpre-sale or foreclosure inventory rate in January was 2.35 percent, a 5.32rnpercent decrease from December and 31.17 percent lower than in January 2013.  The company estimates there are 1,175,000rnhomes in some stage of foreclosure.</p

The delinquency rate, mortgages 30 orrnmore days past due but not in foreclosure, dropped 10.70 percent over the 12rnmonths ended in January to 6.27 percent or 3,140,000 delinquent mortgages.  This is a decline of 2.96 percent sincernDecember.  </p

Of the total delinquent loans 1,289,000rnwere more than 90 days past due but not in foreclosure, a rate of 4.92rnpercent.  This is the lowest seriousrndelinquency rate in five years. </p

Distressed properties including those 30rndays or more delinquent or in foreclosure totaled 4.315 million at the end ofrnJanuary.  The five states with thernhighest rates of non-current loans were Mississippi, New Jersey, Florida, NewrnYork, and Louisiana.</p

Black Knight statisticsrnare derived from a loan-level database which covers approximately 70 percent of thernmortgage servicing market.  More completerninformation will be provided in the company’s monthly Mortgage Monitor which will be published early in March.

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